The Microsoft co-founder stated Tuesday that those digital asset trends were "100% based upon greater fool theory."

He was referring to the idea that investors can make money from overvalued or worthless assets as long as people are willing and able to offer them higher.

Gates said he doesn't know how much or how little crypto he has. Gates mocked Bored Apes NFTs and joked that "expensive digital pictures of monkeys" would "improve the entire world."

Gates stated that he prefers traditional investing. He said, "I've used asset classes, such as a farm that produces an output or a company that makes products."

He made these comments as bitcoin and other cryptocurrencies are collapsing. Bitcoin reached a record of $69,000 in November 2021.

The world's most valued cryptocurrency has seen its value plummet to $23,000 on Tuesday, two-thirds below the peak. It has lost 25% of its value in the past week.

Coinbase, a crypto exchange, announced it was laying off 18% of employees in the face of the continuing collapse of digital currency markets.

Gates had doubted crypto before. Gates stated that while it is one thing for Tesla and Elon Musk to invest in Bitcoin, that does not mean that average investors should.

Gates stated that he believes people are enticed into these manias by those who don't have the money to spare. "So, I'm not bullish on bitcoin."